Economy
Sub-Saharan Africa -- Towards health-led economic development
FOR quite some time now, the unprecedented scale of the interrelated crises of abject poverty, hunger, armed conflicts, and the HIV/AIDS epidemic have been ravaging sub-Saharan Africa. In an era of sweeping economic globalisation, driven primarily by the
increasing internationalisation of production, liberalisation of trade, finance and investment, the level and rate of growth in per capita income in Sub-Saharan Africa has continued to lag far behind the rest of the world.
Interest rates in US: The two towers
THE United States of America is well known in financial literature for the width, depth and resilience of its money and financial markets. There is great competition in these markets, and funds move quickly from one instrument to another. The US attracts
funds from all over the world. The behaviour of interest rates in US economy is a sort of a model of what would happen under ideal market conditions in a developed economy.
Editorial
Money for safety
THE GREEN SIGNAL recently shown by the Prime Minister to the Railways' demand for a Rs 17,000-crore non-lapsable safety fund should prove a boon to the beleaguered organisation if the constitution of the fund is hassle-free. No doubt, it is a welcome ini
tiative, which marks belated acceptance of the Justice Khanna Committee's recommendation made almost three years ago for grant of Rs 15,000 crore to the Railways over five-seven years to enable it clear the large backlog in the rehabilitation of assets h
aving a direct bearing on operational safety. The Rs 17,000-crore corpus is to be built over five years, starting this fiscal with a provision of Rs 2,500 crore, with contribution from the Railways itself, the general exchequer in the form of budgetary s
upport, and from other sources including multilateral funding agencies.
Miscellaneous
$8.7 million to victim of police excesses
IN A sensational judgment, the Brooklyn federal court in New York yesterday ordered the city administration to pay $8.7 million (Rs 40 crore) to Mr Abner Louima, as compensation for the physical torture and mental agony suffered while in police custody i
n 1997. He will be paid $3.6 million (Rs 14 crore) immediately, followed by phased lump payments in the coming years for the balance amount (after deducting $2.9 million (Rs 12 crore) for lawyers' fees).
Politics
The Agra show
SO, the Prime Minister, Mr Atal Bihari Vajpayee, has finally had his way in holding a summit with the Pakistani dictator, Gen Pervez Musharraf, though it is clear (in fact, it has been clear for sometime) that no substantive progress in reducing Indo-Pak
istani tensions will result from the event.
Taxation
Search for charity
T. C. A. Ramanujam on the nexus between charitable and religious purposes
Nuts and bolts
K. Srinivasan reviews the mechanics of transfer pricing as in the draft rules
Dirty shoes
The Vishrut Industries case kept the New Delhi CEGAT busy doing something unusual -- looking at shoe shampoos. The dispute was on classifying the product. The company sought to use the heading ``polishes, creams and similar preparation for footwear'', wh
ile the CE Department preferred the heading ``surface-active agents and cleaning preparations''.
Borrowed capital -- A matter of interest
THE interest paid on capital borrowed for business/profession is eligible for deduction under Section 36(1)(iii). But if the borrowed capital is used for personal purpose, then the interest on such borrowal is not eligible for deduction. Also, if the nex
us between the borrowed capital and personal use or diversion to other investments is established, then such interest is not eligible for deduction from the business income.
